California SB789 mandates annual registration and information returns for commercial real property owners, focusing on vacant properties.

California SB789 requires owners of commercial real property to register and file annual information returns with the California Department of Tax and Fee Administration. The bill defines "vacant" as commercial real property not under a valid lease or in active use. Owners must report details such as property addresses, building status, vacancy duration, and reasons for vacancy. The bill also outlines exceptions for properties under renovation, affected by legal barriers, or impacted by natural disasters.

California SB789 mandates annual registration and information returns for commercial real property owners, focusing on vacant properties.

California SB789 requires owners of commercial real property to register and file annual information returns with the California Department of Tax and Fee Administration. The bill defines "vacant" as commercial real property not under a valid lease or in active use. Owners must report details such as property addresses, building status, vacancy duration, and reasons for vacancy. The bill also outlines exceptions for properties under renovation, affected by legal barriers, or impacted by natural disasters.